Electronic Payments by Definance (DFIN) How De-Centralised Finance can Help
A significant use for decentralised finance applications like De-Finance is its use as a payments system. Cryptocurrencies act both as a digital money and also a method to send payments in that form, and they are easily accessible around the globe, requiring only their personal electronic device and an internet connection.
These transactions also take place instantly. While it is true that it may take within a day in order for a transaction to be 100% confirmed, the transaction itself takes place in a matter of moments. These transactions are borderless, secure, and largely private.
In an industry that is worth USD 2 trillion in revenue, the rewards for disrupting the current ways are new. While the industry is currently dominated by credit card processors such as Visa, Mastercard, or American Express. Digital payments applications like Alibaba (Alipay) or Grab (GrabPay) have begun to spearhead the way of using mobile phone to conduct payments in the Asia-Pacific region. Digital payments are the new wave of this industry, and blockchain payments like De-Finance will be next in line.
A merchant not wanting to pay the initial and ongoing fees in order to accept credit cards could take electronic payment via cryptocurrency instead. Transaction costs are minimal, costing only a few cents per transaction, making it a much cheaper way to send money around the world. They would also be able to offer their goods and services to everywhere around the world, which could allow for a critical mass of consumer demand for more niche industries to become viable.
Covid-19 and Digital Payments
With the current coronavirus outbreak still looming over us, we have noticed a significant decline in credit card usage. Transactions made in Swedish banks, which has not experienced a lockdown, fell by 28% post-outbreak. Her neighbouring Scandinavian countries, which has imposed lockdown measures, have seen credit cards transactions fell by at least 66%.
With safety conscious consumers looking for means of contactless payments, there will be a huge demand for point of sale support for contactless digital payments and digital wallets. Furthermore, e-commerce platforms like Alibaba, Expedia, or even Facebook Markets will also see an increase in usage, as they can facilitate transactions while maintaining social distancing. De-Finance will be able to setup and support the smooth integration of facilitating such digital payments for your business.
Mobile Gaming and Digital Payments
The Asian-Pacific region has become the next big market with regards to gaming as well. A total of USD 72.2 billion worth in revenue is currently being earned in that region, with two thirds of it in mobile games. With an estimated of 1.9 billion mobile internet users in the region. Mobile gaming will still remain a large vibrant industry in the future.
With the success of Cryptokitties, new games and media associated with blockchain technologies, such as indie crypto gacha games, have been popping up across the internet. De-Finance can offer seamless wallet to game integration so as to minimise transaction times, and to allow for truly unique in-game assets and content to be offered to the users.